"We keep on executing on the key standards we have built up, including reinforcing the accounting report and our progressing move into a low managing capital business," said Chief Asim Ghosh.

"The incomplete offer of the Lloydminster midstream resources will open considerable worth that will be utilized to facilitate reinforce the monetary record. In the meantime our move into a low managing capital business proceeds unabated, as we increase creation at Dawn, conveyed first oil from our Edam East Warm Venture and include new generation at the Tucker Warm Venture."

Pathway to Developing Higher Quality Generation

The Organization outline all necessary plans in 2010 to develop higher quality generation. The components incorporate keeping up a differentiated portfolio, the advancement of two particular coordinated worth chains (the Lloyd and Dawn Esteem Chains) and transitioning into a low supporting capital business.

The yield of the initial two components enhances edges, lessens presentation to product value unpredictability and decreases income variability. The move towards a low supporting capital business has brought about a lower income equal the initial investment and fundamentally decreased maintaining and upkeep costs.

To start with QUARTER RESULTS

Imposing propelled a few money related needs in the primary quarter, including:

- Recharging of a $2 billion syndicated credit office, extending the development date to Walk 2020. The Organization has $4.6 billion of acquiring limit, of which $2.6 billion stays accessible

- Reconfirmation of a venture grade FICO score by all significant rating organizations, with no downsizes

Normal Upstream creation in the main quarter was 341,000 barrels of oil equal every day (boe/day). This included proceeded with solid execution from Lloyd warm undertakings, the continuous incline up of the Dawn Vitality Extend and included creation from another maintaining cushion at the Tucker Warm Venture.

Throughputs at the refineries and Lloydminster Upgrader found the middle value of 314,000 bbls/day, which considers the begin of a noteworthy turnaround at the Lima Refinery in mid-Walk.

WTI costs arrived at the midpoint of $33.45 US per barrel (contrasted with $48.63 US per barrel in 2015). Normal acknowledged valuing for aggregate Upstream creation in the primary quarter was $25.02 per boe, contrasted with $40.84 in the principal quarter of 2015.

Working costs kept on enhancing, driven to some degree by the continuous movement towards higher quality barrels. General working expenses in the quarter were $13.31 ($9.69 US) per barrel contrasted with $14.87 ($11.99 US) per barrel a year back.

The Organization acknowledged income from operations of $434 million for the quarter. Chicago break spreads arrived at the midpoint of $9.23 US per barrel, the most reduced subsequent to 2010. Acknowledged U.S. refining edges, which are regularly a rate of Chicago break spreads, were $3.76 US per barrel. Different things influencing income incorporate lower ware costs, the begin of a noteworthy turnaround at the Lima Refinery, protection recuperations of $123 million preceding expense and a present pay charge recuperation of $92 million.

Profit were a net loss of $458 million and were influenced by a few variables including around ($50) million after duty identified with the supporting program, a FIFO loss of $21 million after assessment and a wage charge cost of $75 million identified with earlier years.